|21 November, 2019

GSK Egypt to launch 2 production lines

The company’s total investments in Egypt reached $800mln

The GlaxoSmithKline (GSK) logo is seen on top of GSK Asia House in Singapore, March 21, 2018. Picture taken March 21, 2018.

The GlaxoSmithKline (GSK) logo is seen on top of GSK Asia House in Singapore, March 21, 2018. Picture taken March 21, 2018.

REUTERS/Loriene Perera

Cairo – Mubasher: Glaxo SmithKline (GSK Egypt) announced plans to inaugurate two production lines with investments worth EGP 100 million.

The company will open a new line for producing Voltaren with investments amounting to EGP 20 million during 2019, according to a statement to the Egyptian Exchange (EGX) on Thursday.

In addition GSK Egypt will also inaugurate a new line at El-Salam factory for the production of Otrivin with EGP 80 million in investments during 2020.

Earlier, the company’s chairman Amr Mamdouh revealed a plan to launch three new production lines valued at EGP 180 million in 2019 and 2020.

He noted that the company’s total investments in Egypt reached $800 million.

It is noteworthy that during the first quarter of 2019, GSK Egypt suffered consolidated net losses of EGP 7.55 million, versus net profits of EGP 22.07 million in Q1-18, including minority shareholders’ rights.

Source: Mubasher

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